Fed Beige Book: Economy Showing Signs of Recovery

Washington (July 31, 2003) -- The pace of economic activity increased a notch during June and the first half of July, according to Federal Reserve district reports released this week.

Three of the Fed’s 12 districts -- Chicago, St. Louis, and San Francisco -- characterized economic activity as sluggish, while Atlanta described conditions as mixed. But reports from the remaining districts suggested somewhat stronger growth in the weeks since the last Beige Book, the Federal Reserve reported. “Several districts noted increased optimism about economic prospects in coming months,” according to the report.